Why arun jaitley resigned from finance minister

finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month's meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19. If goods and services tax (GST) rates are increased on non-essential items, sources said it will further bring down their demand and impede the overall economic recovery. Post the lockdown, the demand has to be induced and economic activity has to improve on all fronts, not just on essential items side, they said. However, the decision will be taken by the GST Council headed by the finance minister, according to sources. Rates will come up for discussion during the council meeting next month to be attended by state finance ministers, they added. The 39th meeting of GST Council was held in March, which proposed rationalisation of taxes on many items. The nationwide lockdown was announced by Prime Minister Narendra Modi on March 24 for 21 … [Read more...] about GST Council to meet next month; Finance ministry not for raising rates on non-essential items

Power minister RK Singh proposed a new scheme for the power sector amounting to Rs 3 lakh crore spanning five years, in his meeting with the 15th Finance Commission (FC) on Friday. Officials of the power ministry discussed the need to restructure the power system to make states responsible for the financial health of their power distributions companies (discoms), with the NK Singh-led FC. This would entail recalibrating state borrowing limits under the Fiscal Responsibility and Budget Management (FRBM) Act, to account for the added liabilities, the press release said.The new scheme included an amalgamation of old schemes under the power ministry and focused on reducing losses in the power sector, separate feeders for agriculture and smart prepaid metersThe minister also discussed policy reforms that were in the pipeline to turnaround the beleaguered power sector, including amendments to the Electricity Act. The meeting was in continuation to the recommendations the FC made on the power … [Read more...] about Power minister proposes a new scheme worth Rs 3 lakh crore to finance commission

The ministry of finance appointed PR Jaishankar as the managing director of the India Infrastructure Finance Company Ltd (IIFCL) for three years. The appointment comes after the Bank Boards Bureau (BBB), the headhunter for state-run banks and financial institutions, recommended Jaishankar on March 15. The post lied vacant for three years before the appointment. Jaishankar served as the executive director of the National Housing Bank prior to this. His latest posting was approved by the appointments committee of the cabinet headed by Prime Minister Naredra Modi. The ministry also appointed Harsha Bangari as deputy managing director (DMD) of Exim Bank. She was the bank’s chief general manager (CGM) before this. While VSV Rao, executive director of IFCI has been appointed as DMD for Small Industries Development Bank of India for three years, the CGM of National Bank for Agriculture and Rural Development, Sunil Kumar Bansal, will take over as DMD of IFCI. … [Read more...] about Finance Ministry appoints PR Jaishankar managing director of IIFCL

“And they won’t be better off. So, I’m interested in making sure Australians coming out of a COVID crisis where millions have less hours, and over a million don’t even have a job, and I want to make them better off and that’s why the industrial relations changes that I hope to come out of this consultative and good-faith process will deliver changes that will keep people in jobs, that will get people back in jobs. Because when you’re in a job, you’re better off and that’s the better off I’m interested in.” … [Read more...] about Prime Minister Scott Morrison considers dumping BOOT test for workers